₦airaland Forum

RichDad1:
Why is Nigerian case always mainstream?
There are lots of East European , Philippine , Indian and other African countries that bask in this shameful scamming stuffs.
Why is always all arrests about Nigerians?

You guys should stop the whataboutism, this is a Nigerian forum, so expect news about Nigerian criminals not Russian criminals. Also, Nigerians are top when it comes to Romance scams and BEC scams as these require the least technical knowledge (more of social engineering and deception than actual technical computer skills). The benefits scam pulled off during the pandemic and early this year was heavily dominated by Nigerians because once again, it doesn't require any other skill than having a faulty moral compass.

You see why people don't pity soldiers when they die against Boko Haram?

If he was truly dangerous, would they even be able to arrest him?

He was sentenced in absentia, lol.

Dem nor go see am again.

He is just 21 years.

Nonsense clout chaser

When some people went there to become Scam OGs and some went there to be shouting "Aromate" forgetting they are not so useful for the Emiratis to overlook their excesses

Shebi dey paid him the money he won. If he had sense, that money would be enough for him whether or not they blacklist him.

Blaqstick:
Tell stella oduah gumi and Malami no short cut to wealth
And tell the northerner state no more VAT
Lord of Yugoslavia visit Nigeria ASAP

I hope you know the wars that were fought as a result of the dissolution of Yugoslavia. Beware what you wish for.

Na mumu dey marry

gohzieh:
Op. Sincerely I’m so disappointed about this affair especially coming from your wife and her pastor. Since you have told your wife and she continued, I think you have to man up and pick up the Pastors number. Call him and introduce your self to him as mrs xx wife and tell him you are aware of the chats and you have evidence of his exploits. Now you have to warn him never to contact your wife any longer even if she was the one that did so first. That the next message from him to her will be sent to his superiors or more so on social media. Instablog will love this content and more damaging his reputation as a man and as a pastor in general. End the call. Call your wife to order and ask where you are failing and try to fix it ASAP. Get her something to be doing since you work at home. Joblessness has a lot s to do with this. If you can teach her your type of online job Then it’s good too. I’m

@ bolded, is this a Freudian slip? So na OP be the wife

Stupid regulation.

At least, they should have included a situation where if someone less than 18 wanted to buy a sim, they will need co-signing from an adult.

A country where children can be 3rd wives but can't register SIMs

OP must be from Akwa Ibom or Cross River.

Rather than take responsibility for his failure, he is blaming witches.

Bubblewitch:
no one was forced to borrow after seeing their conditions... This is just an excuse and don't justify the criminal actions of defaulters

It is not criminal.

Debts are a civil matter.

Euthanasia is illegal in Nigeria.

nedekid:
The interest rates seem to be high. The reason for that is the unique environment they operate(Nigeria).
Investors place their funds for fixed terms with the loan companies. They expect to be paid when due. But due to the high rate of default amongst Nigerians, the interest rate has to be high to pay the investor, also to cover the cost of those that will default.
In short, the higher the risk, the higher the interest rates. People that wount pay, make the cost of credit high for the rest of us.

You are conflating these loan apps with legal lenders such as Carbon (10-30% monthly interest rate) who have legal licenses and deposit taking capacity.


Investors don't place funds with these particular ones. They don't even have licenses with the CBN. These are fly by the night Chinese hustlers bringing in money from China and Hong Kong to lend at huge interest rates. Even if just half of their customers pay up, they will still make profits which is repatriated regularly to China through black market Forex purchases. I won't be surprised if the source of the money is from the Chinese triads.

MrFollowFollow:
Since you think it's so easy for loan companies to make money please set up a loan company then come back and tell us how much profit you made in 6 months against the bad debts you incurred within the same period

This is a fallacious argument.

I corrected your wrong information about minimal interest and you retort with a fallacy as argument.

They charge interest rates that are illegal under usury laws anywhere and specifically because of that, they are going to have defaults. It is simple stuff. How are the real fintech loan companies surviving with none of them doing naming and shaming? Why is it the Chinese UNREGISTERED loan apps that are doing naming and shaming?

A lender must do due diligence BEFORE lending.

faithfull18:
That's why the name and shame is necessary. Most Nigerians who take these loans do without intentions or means of paying back or how else are they suppose to get their money back asides blacklisting BVN. They also need to pay their workers who recover these debts amongst other expenses.

They should probably leave this service to banks.

Anybody who is named and shamed should not pay back. Reputable loan companies do not name and shame. Instead, they have good credit risk management systems to enable only those who are credit worthy to get loans.

Only fly by the night Chinese loan apps name and shame. How do you even give out loans at more than 50% per week interest and not expect high defaults?


By the way, they can't blacklist BVNs as they are not registered by the CBN. At best, they have a Lagos state Money lender license. Many don't even have office. Just a bunch of Chinese hustlers making money from the cheap labor and economic desperation in Nigeria.

Coldie:
Nigerians are part of the reasons y Nigeria doesn’t work. Someone set up a loan company with minimal interest rates to help u people, pay back the loan war

Did you say minimal interest rate?

50% interest in 6 days is what they charge. Nothing minimal in such pure usury. They still make lots of money even half default.

Their loans are over 1 million percent interest on a compounded annual basis.


ETA: The loans are actually over a trillion percent per year on a compounded basis. For example, some one who takes a loan of say 30,000 probably unemployed or underemployed would usually end up paying 15k weekly as they won't be able to pay back the principal so they keep paying the interest to roll it over till they run out of funds. The combination of short tenor and high interest is deliberately designed to create loan slavery.

He is right for insisting on walking out instead of simply removing the earrings.

The church is also right for sending him away. It is their space and they can choose who should be there.

FreeIgboho:
You ignorant people who can't read and are therefore fooled by the sensationalizing press.
She was sentenced to 14 years effectively, which is actually 7 years (because night and day are counted), but on appeal she may get off with a fine!

I too know. Who told you they count day and night? That's how you people spread ignorant information.

In Nigerian Prisons, you serve 8 months for every 1 year sentenced. The other 4 months will be removed if you have good behaviour.

You don't need to create a cryptocurrency for this. You are trying to in effect, tokenize a farm. That's a Security Token Offering and comes with high regulatory cost. More so, you are from Nigeria. Good luck.

Lagos is partly "responsible" for the underdevelopment of other states just as crude oil is "responsible" for the deterioration of other sectors.

Probably a lie by the "hacker". pay for the data and watch your bitcoin or monero go into thin air because they would surely demand btc or xmr as payment currency

Me wey don already cause Buhari and I don switch to VPN

NaWeDeyHere:
The parade is just for show - cultists will be released in the dead of night because these boys are political thugs

So all gang members are political thugs?

Lol.

Cultists wey full Oko and Benin prison

This is not 1982/1983.

Same excuses by Buhari.

Raph82:
Hmmmn! Don't be surprised if tommorow you see cars running in the streets on water and not petrol. The world has moved past barriers bro. Cars are now flying, who could think of that two decades ago? I get your point, but things are fast changing these days. Sitting down at the comfort of our room thinking something is impossible is the least.

I didn't say it's impossible. It would take 50 years or more to get to the point. Right now, 99% of alternative energy programs are based on emotions and because they are not profitable, they have to be financed by either subsidies, charities or gullible investors.

Oil is still the most important resource today and we have been on the alternative energy charade since 19 gbidi gbidi no date. In ten years, oil would still be the most important commodity. There is a reason the US fights tooth and nail to ensure oil is continuously priced in US dollars. This is one of the features that gives the dollar its value and ubiquity.

Someday, a cheap, clean alternative energy may be found that would reduce the value of crude oil but that time is still far off and even then there will still be uses for the distillates of crude oil.

Crude oil has been in use since the time of Noah. Coal, as "bad" as it is, is one of the biggest sources of electricity generation. If coal is not dead yet, is it now Crude oil that will die soon?

Raph82:
u'll be shocked when the table turns suddenly. If u know the momentum and energy world scientists and engineers are pulling towards making this a reality, u'll be amazed, because this fossil fuel has caused lots of damage to the ozone layer , thereby causing a devastating effect on the climate. There is urgent need for a sustainable energy sources with zero carbon emmision. Who could ever think solar energy can take over the way it is doing right now?

You will use solar energy to make your fertilizer feedstock or plastic or paints or you will use solar energy to fly your planes? In the next twenty years, crude oil would still be very very relevant. Forget all these environmental crusade. The biggest companies in the world are still making heavy investment into fossil fuels. The alternative energy sector is still built on hype and sensationalism.

Ganvic:
The world is moving away from fossil fuels and we are here talking about oil reserves that nobody will be needing in 10 years to come.

This is an exaggeration, oil would still be valuable in 10 years time.

Geenosko:
The dude has been in England for years, e suppose Don get British passport na

He doesn't have a British passport yet

Nfora:
Mr man,how about Ndidi?

Ndidi is banned for this match

easzypeaszy:
Brilliant idea...u wl see d rate at wch Dolar value wl drop in Nigeria

You know nothing.

If you do this, not only will dollars hit 10,000, the Nigerian economy will enter into a negative phase that it will not recover for the next ten years as there will be an irreversible destruction of trust.

For those idiots saying that there are no foreign currency accounts abroad, are you people normal? Every big bank anywhere in the world allows you operate accounts in the major currencies of the world. It's just that due to the inability of the Naira to hold value over long periods of time, more and more Nigerians have opened domiciliary accounts to keep foreign currencies as a hedge.

This is a youth.

His father was allegedly one of those who rigged Ekiti state election only to join APC and not just have his sins forgiven but also have his children get positions that are above their level of intelligence.